Why do people get online personal loans?
There are plenty of reasons why people get online personal loans, but one of the most common is to keep from overdrawing a bank account. Bank account overdraft fees often are much higher than payday lender’s fees, and banks will charge the fee over and over again for every transaction. Regardless of how much a customer overdraws an account, even if it’s only $1, the customer can be charged up to $35 for that transaction and every subsequent transaction until the customer replenishes the account. So, it makes sense that a person would get an online personal loan, be able to use a lot more than $1, make multiple purchases with their loan and pay less than $35.
